According to statistics published today by the Hong Kong Monetary Authority (HKMA), total deposits with authorized institutions increased by 1.1% in May 2024. Among the total, HKD deposits and foreign currency deposits increased by 0.3% and 1.8% respectively in May. In the year to end-May, total deposits and Hong Kong dollar deposits grew by 3.2% and 0.9% respectively. RMB deposits in Hong Kong increased by 4.2% in May to RMB1,134 billion at the end of May, mainly reflecting fund flows of corporates. The total remittance of RMB for cross-border trade settlement amounted to RMB1,183.2 billion in May, compared with RMB1,257 billion in April.

Total loans and advances decreased by 0.4% in May, and decreased by 2.4% in the year to end-May. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong decreased by 0.3% and 0.7% respectively in May. The HKD loan-to-deposit ratio decreased to 81.4% at the end of May from 82.1% at the end of April, as HKD deposits increased while HKD loans decreased.

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HKD M2 and M3 both increased by 0.4% in May and both increased by 1.5% when compared to a year ago. The seasonally-adjusted HKD M1 decreased by 0.1% in May and decreased by 8.4% compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 1.2% in May. Compared to a year earlier, total M2 and total M3 both increased by 7.8%.